X Gets New Transmitter License for Payment Service in Mississippi
Twitter, now known as X, has received a money transmitter license for payment services in Mississippi, marking its eighth license in the US as it aims to enter the payments industry.
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Twitter's rebranding to X resulted in a decrease in downloads and weekly active users, but surprisingly led to a 25% increase in revenue; however, consumer confusion and the popularity of Twitter Lite impacted the success of the rebranding.
X has been granted a currency transmitter license by regulators in Rhode Island, allowing the company to custody, transfer, and exchange digital currencies as it moves towards becoming an "everything app" that includes both fiat and crypto payments.
Elon Musk's Twitter, now rebranded as X, has obtained a currency transmitter license in Rhode Island, indicating a possible move towards crypto payments and turning the platform into an all-in-one app like China's WeChat.
The platform formerly known as Twitter, now called X, will start collecting biometric data and information on users' employment and education history, according to its updated privacy policy, with the intention of providing additional verification for X Premium users and recommending potential jobs and relevant advertising.
Twitter, now called X, is suing California over a state law that requires social media companies to disclose their content policies, claiming it violates free speech and pressure them to remove objectionable content.
Elon Musk suggests that users of X (formerly Twitter) may have to pay for access to the platform in order to counter bots, with a small monthly payment being considered as a defense against fake accounts.